98
99
Annual Financial Statements
MYTILINEOS GROUP
(Amounts in thousands
€
)
Regular
Reserve
Special &
Extraordinary
Reserves
Tax-free and
Specially taxed
Reserves
Revaluation
reserves
Financial
instruments
valuation
reserve
Stock Option Plan
Reserve
Actuarial Gain/
Losses Reserve Total
Opening Balance
1st January 2014,
according to IFRS -as
published-
20,816
36,091
81,127
221
(285)
1,225
1,348 140,542
Transfer To Reserves
(249)
(25,771)
(3,651)
-
(2,707)
-
6
(32,371)
Impact From Transfer Of
Subsidiary
(1,027)
(1,796)
-
-
-
-
(13)
(2,836)
Cash Flow Hedging
Reserve
-
19
(1,356)
-
417
-
(78)
(998)
Deferred Tax From
Actuarial Gain / (Losses)
-
-
-
-
-
-
90
90
Actuarial Gain / (Losses)
-
-
-
-
-
-
(2,442)
(2,442)
Closing Balance
31/12/2014
19,541
8,542
76,120
221
(2,575)
1,225
(1,089) 101,984
Opening Balance
1st January 2015,
according to IFRS -as
published-
19,541
8,542
76,120
221
(2,575)
1,225
(1,089) 101,984
Transfer To Reserves
222
(3)
(946)
51
2,977
-
-
2,300
Impact From Transfer Of
Subsidiary
-
1
-
-
-
-
-
1
Cash Flow Hedging
Reserve
-
-
12
-
(782)
-
-
(770)
Deferred Tax From
Actuarial Gain / (Losses)
-
-
-
-
-
-
119
119
Actuarial Gain / (Losses)
-
-
-
-
-
-
(767)
(767)
Deferred Tax From Cash
Flow Hedging Reserve
-
-
-
-
688
-
-
688
Closing Balance
31/12/2015
19,763
8,540
75,186
271
309
1,225
(1,737) 103,557
MYTILINEOS S.A.
(Amounts in thousands
€
)
Regular
Reserve
Special &
Extraordinary
Reserves
Tax-free and
Specially taxed
Reserves
Revaluation
reserves
Stock Option
Plan Reserve
Actuarial Gain/
Losses Reserve Total
Opening Balance 1st January
2014, according to IFRS -as
published-
55,572
25,112
(66,006)
172
1,225
(46) 16,029
Transfer To Reserves
-
(25,183)
(4,440)
-
-
- (29,622)
Impact From Merge Through
Acquisition Of Subsidiary
-
17,060
-
-
73
(4)
17,129
Deferred Tax From Actuarial Gain /
(Losses)
-
-
-
-
-
19
19
Actuarial Gain / (Losses)
-
-
-
-
-
(68)
(68)
Closing Balance 31/12/2014
55,572
16,989
(70,446)
172
1,298
(99)
3,486
Opening Balance 1st January
2015, according to IFRS -as
published-
55,572
16,989
(70,446)
172
1,298
(99)
3,486
Deferred Tax From Actuarial Gain /
(Losses)
-
-
-
-
-
(4)
(4)
Actuarial Gain / (Losses)
-
-
-
-
-
14
14
Closing Balance 31/12/2015
55,572
16,989
(70,446)
172
1,298
(89)
3,496
4.13.2 Reserves
Reserves in the financial statements are analysed as follows:
The majority of the above reserves relates to Parent Company and Greek subsidiaries. Under Greek corporate law, corporations
are required to transfer a minimum of 5% of their annual net profit as reflected in their statutory books to a legal reserve, until
such reserve equals one-third of the outstanding share capital. The above reserve cannot be distributed throughout the life of
the company.
Tax free reserves represent non distributed profits that are exempt from income tax based on special provisions of development
laws (under the condition that adequate profits exist for their allowance). These reserves mainly relate to investments and are not
distributed.
Specially taxed reserves represent interest income and income from disposal of listed in the Stock Exchange and non listed
companies and are tax free or tax has been withheld at source. Except for any tax prepayments, these reserves are exempted
from taxes, provided they are not distributed to shareholders.
